I think the idea behind it is genuinely nice. In all practicality, however, it could be a legal and logistical nightmare. There would have to be all sorts of rules and who would set them up, who would administer the fund, what country should it be in, how would the funds be controlled, invested, how would contributions be handled, what are the legal ramifications of it, would people havev to apply, and what would the application process involve ... and the questions just go on and on ...

I think for the moment, informal is best ...